Green Thumb Industries price target lowered to $30 from $32 at Cantor Fitzgerald

Cantor Fitzgerald analyst Pablo Zuanic lowered the firm’s price target on Green Thumb Industries to $30 from $32 and keeps an Overweight rating on the shares. Green Thumb reported a 1% quarter over quarter drop in sales for Q4 with gross margins down 400bp year over year and is pointing to a mid-single digit drop in sales for the March quarter, the analyst tells investors in a research note. Green Thumb, in terms of balance sheet and cash flow trends, is in better shape than peers, more established, and has exposure to several markets that have recently gone recreational, are on the cusp of going recreational, or that could soon go recreational if state legislators find a way, the firm contends.